DATA Communications Management Corp. (“DCM” or the “Company”)(TSX:DCM), a leading provider of marketing and business communications solutions to companies across North America, is providing an update on the anticipated release of its fiscal 2019 financial results and the filing of its audited annual financial statements for the year ended December 31, 2019, annual management’s discussion and analysis (“MD&A“) for the corresponding period, related management certifications of annual filings and its annual information form for the year ended December 31, 2019 (collectively, the “Filings).
Update on Progress Related to Financial Results and Filings
DCM plans to release its fiscal 2019 financial results after market close on June 8, 2020 and submit the related Filings on SEDAR at that time. The Company confirms it is working closely with its external auditors to complete the audit of the Company’s 2019 annual financial statements.
DCM also announces it expects to issue its first quarter 2020 financial results the week of June 22, 2020, in advance of its annual and special general meeting of shareholders scheduled for June 26, 2020.
Until the Filings and any other outstanding periodic disclosure have been filed, the Company intends to continue to satisfy the provisions of the alternative information guidelines specified in National Policy 12-203 Cease Trade Orders for Continuous Disclosure Defaults (“NP 12-203”) by issuing such further default status reports as may be required in the form of further press releases for so long as the Company remains in default of the periodic disclosure filing requirements.
Default Status Report
DCM is providing this default status report with regards to the Filings in accordance with the alternative information guidelines set out in NP 12-203. DCM issued its original default announcement indicating it had applied for and received a Management Cease Trade Order (the “MCTO”) from the Ontario Securities Commission (“OSC”) on May 19, 2020, as a result of the delay in making its Filings beyond the filing deadline of May 14, 2020. DCM reports that, since issuing the original default announcement on May 19, 2020, there has been no material changes to the information contained therein, nor any failure by DCM to fulfill its intentions as stated therein, other than as set forth below.
The MCTO prohibits the Company’s Chief Executive Officer and Chief Financial Officer from trading the Company’s shares until the Company completes the Filings, and, pursuant to its insider trading policy, directors, officers and other insiders will remain in a trading blackout until after the Filings are current. On May 29, 2020 the OSC issued a supplemental Management Cease Trade Order (the “Supplemental MCTO”) following the Company’s announcement on May 25, 2020 that Gregory Cochrane would be taking a temporary medical leave of absence from his role as Chief Executive Officer and Michael Coté, President of the Company, would be assuming Mr. Cochrane’s responsibilities. The Supplemental MCTO prohibits Mr. Coté from trading the Company’s shares until the Company completes the Filings.
DCM is a communication solutions partner that adds value for major companies across North America by creating more meaningful connections with their customers. DCM pairs customer insights and thought leadership with cutting edge products, modular enabling technology and services to power its clients’ go to market strategies. DCM helps its clients manage how their brands come to life, determine which channels are right for them, manage multimedia campaigns, deploy location specific and 1:1 marketing, execute custom loyalty programs, and fulfill their commercial printing needs all in one place.
DCM’s extensive experience has positioned it as an expert at providing communication solutions across many verticals, including the financial, retail, healthcare, consumer health, energy, and not for profit sectors. As a result of its locations throughout Canada and in the United States (Chicago, Illinois and New York, New York), it is able to meet its clients’ varying needs with scale, speed, and efficiency – no matter how large or complex the ask. DCM is able to deliver advanced data security, regulatory compliance, and bilingual communications, both in print and/or digital formats.
Additional information relating to DATA Communications Management Corp. is available on www.datacm.com, and in the disclosure documents filed by DATA Communications Management Corp. on the System for Electronic Document Analysis and Retrieval (SEDAR) at www.sedar.com.
Certain statements in this press release constitute “forward looking” statements that involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance, objectives or achievements of DCM or industry results, to be materially different from any future results, performance, objectives or achievements expressed or implied by such forward looking statements. When used in this press release, words such as “may”, “would”, “could”, “will”, “expect”, “anticipate”, “estimate”, “believe”, “intend”, “plan”, and other similar expressions are intended to identify forward looking statements. These statements reflect DCM’s current views regarding future events and operating performance, are based on information currently available to DCM, and speak only as of the date of this press release. These forward looking statements involve a number of risks, uncertainties and assumptions and should not be read as guarantees that future performance or results will be achieved. Many factors could cause the actual results, performance, objectives or achievements of DCM to be materially different from any future results, performance, objectives or achievements that may be expressed or implied by such forward looking statements. The principal factors, assumptions and risks that DCM made or took into account in the preparation of these forward looking statements include: risks relating to the impact of the COVID-19 outbreak, a continuing situation the impact of which could be material on DCM’s business, financial condition and results of operations; DCM’s belief that the release of DCM’s financial results for the year ended December 31, 2019 and the other Filings will be delayed. Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward looking statements prove incorrect, actual results may vary materially from those described in this press release as intended, planned, anticipated, believed, estimated or expected. Unless required by applicable securities law, DCM does not intend and does not assume any obligation to update these forward looking statements.